US reaches deal in principle with China. Awaiting Trump signoff.
For the 2nd time today, the USDJPY (and stocks) have spiked higher on reports that the US reaches a deal in principle with China and awaits the Pres. Trump signoff.
Their have been plenty rumblings about the trade deal from the Pres.Trump and later the Wall Street Journal. Sen. Cassidy more recently commented that USTR Lighthizer was optimistic about a China deal.
Pres. Trump is meeting with his main trade representatives now (was supposed to start at 2:30 PM ET). Do we hear the news out the President's mouth and what are the details? Pres. Trump has been consistent in saying the deal would have to check off the US boxes.
The USDJPY has moved to a new session high up to 109.43. The earlier high reached 109.308.
The US stocks have also moved higher off the news but remain off session highs:
- S&P index up 25 points or 0.80% at 3167. The high reached 3176.28
- NASDAQ index up 54 points or 0.62% at 8708. The high reached 8745.82
- Dow up 230 points or 0.83% at 28149. The high reached 28224.
Facebook is not participating in the rally as a Wall Street Journal article has been released with the headlines "FTC Weighs Seeking Injunction Against Facebook Over How Its Apps Interact"> That sent the shares down sharply. It is down about $6.50 or -3.23% currently.
